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Author Topic: Pooling Ring/Bitcoin Potluck  (Read 1124 times)
hmongotaku
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October 04, 2011, 06:25:48 AM
 #1

Well just wondering if people would like to pool or mass donate or create a better pool/ thingy idea that I'm trying to create/develop. I know as a lowly miner it's gonna take me forever to mine 30 BTC. And taking risk asking for loans and stuff is really out of question. I propose a pooling ring or potluck for people who would pool their bitcoins in for a bigger payout in the future. Sort of like some chain gangs do IRL.

Basically it's 2 or more individuals that pool their btcs and repay to each other alternative on a set date. + or - 1/2 day etc.. for errors, forgets etc...




example:

2 man pool/ring
2 BTC intial join fee into a private bitcoin address. Each person donates .25 btc every 2 days. At end of 6 days it pays out to man 1... at 12 it pays to man 2.


10 man pool
5 bitcoin intial fee. each person donotes .5 bitcoins every 2 days. Every 5 days 1 person gets all the money in the pool, then it circulates from man 2, 3, 4 etc... your fee is eaten if you fail to pay after 1 day after 2 payouts (10 days).




I'm sure people can work out the rules and with the new shared addresses that are being porposed by the bitcoin community I think it would greatly help lowly miners save and also spend more bitcoins in the community. Instead of risking loans and other scams.

Of course this can be coded on a 3rd party website for x% of transaction  for profit/fee etc...


Initial fee, payment amount per day/week, payout amount and late penalities can be changed/edited depending on the people and groups who would like to do this.







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tysat
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October 04, 2011, 03:41:20 PM
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Why not just wait a few extra days instead of doing something risky?  You don't get any extra bitcoins out of this.
hmongotaku
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October 04, 2011, 03:55:51 PM
 #3

The concept of the pool is to save.

For example:

8 workers at a tissue plant get's 500 dollar per week on their paycheck. Each of them pool 200 dollars per week at the pool. On the pay date, which is every 2 months; one of the worker get's a 1400 dollar bonus on top of his 500 check!

I guess that's the closest I can relate to it to real life. tax free and 0% interest loan.

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October 04, 2011, 04:45:26 PM
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But it's a 0 sum game, no one comes out ahead.... you just get less money/BTC for a little while (because you deposit) then more all at once.
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